Correlation Between Thumzup Media and Haoxi Health
Can any of the company-specific risk be diversified away by investing in both Thumzup Media and Haoxi Health at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Thumzup Media and Haoxi Health into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Thumzup Media and Haoxi Health Technology, you can compare the effects of market volatilities on Thumzup Media and Haoxi Health and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Thumzup Media with a short position of Haoxi Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Thumzup Media and Haoxi Health.
Diversification Opportunities for Thumzup Media and Haoxi Health
-0.2 | Correlation Coefficient |
Good diversification
The 3 months correlation between Thumzup and Haoxi is -0.2. Overlapping area represents the amount of risk that can be diversified away by holding Thumzup Media and Haoxi Health Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Haoxi Health Technology and Thumzup Media is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Thumzup Media are associated (or correlated) with Haoxi Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Haoxi Health Technology has no effect on the direction of Thumzup Media i.e., Thumzup Media and Haoxi Health go up and down completely randomly.
Pair Corralation between Thumzup Media and Haoxi Health
Given the investment horizon of 90 days Thumzup Media is expected to under-perform the Haoxi Health. In addition to that, Thumzup Media is 1.45 times more volatile than Haoxi Health Technology. It trades about -0.18 of its total potential returns per unit of risk. Haoxi Health Technology is currently generating about 0.23 per unit of volatility. If you would invest 19.00 in Haoxi Health Technology on August 24, 2024 and sell it today you would earn a total of 6.00 from holding Haoxi Health Technology or generate 31.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Thumzup Media vs. Haoxi Health Technology
Performance |
| Timeline |
| Thumzup Media |
| Haoxi Health Technology |
Thumzup Media and Haoxi Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Thumzup Media and Haoxi Health
The main advantage of trading using opposite Thumzup Media and Haoxi Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Thumzup Media position performs unexpectedly, Haoxi Health can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Haoxi Health will offset losses from the drop in Haoxi Health's long position.| Thumzup Media vs. WiMi Hologram Cloud | Thumzup Media vs. National CineMedia | Thumzup Media vs. Baosheng Media Group |
| Haoxi Health vs. Ziff Davis | Haoxi Health vs. Cheer Holding | Haoxi Health vs. iClick Interactive Asia | Haoxi Health vs. Nexxen International |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
Other Complementary Tools
| CEOs Directory Screen CEOs from public companies around the world | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities |